Rahm Emanuel’s $18.5 million paychecks: How did he do it?
Is there anything wrong with mayoral candidate Rahm Emanuel making $18.5 million dollars as an investment banker in the 2 ½ years after he got out of the Clinton White House – much of it from Clinton donors?
“I defy you to tell me anybody you know who jumped out of government into a business for which he had no credentials or background, made $18.5 million in two years and then jumped back into government,” said Gery Chico, Emanuel’s rival for the mayor’s office.
“I’m not saying it’s illegal, but let’s call it what it is: As an insider he took advantage of the knowledge and contacts he made at the White House to make money,” said another rival, City Clerk Miguel del Valle. “He made a hell of a lot of money in a short of amount of time. How many people have that kind of opportunity, to go from being on the inside to being on the outside, take advantage of the fact you were on the inside to make $18.5 million?”
What credentials did Emanuel present to go to work in investment banking after a career raising campaign funds for Mayor Daley and President Clinton, then advising Clinton on policy issues?
“There is, in that culture, two types of bankers: a person who knows the numbers, industry specific; and a person who kind of also deals with relationships,” Emanuel told the Sun-Times editorial board. “I was what was considered, at that time, although I don’t think this is really interesting, relationship banking, and that’s what I did.”
Chico scoffs at Emanuel’s explanation.“What does that mean? What’s a relationship guy? I never heard of that,” Chico said.
“He was a managing director of Wasserstein, Perella [& Co.]. How’d you get that spot? No banking experience — why am I going to hire you? He said he was a relationship manager. What’s a relationship manager?...MOREHT: HuffPo